CryptoQuant’s 3 charts keeping Bitcoin’s ‘Uptober’ thesis valid
Bitcoin onchain analysis eyed a “potential bottom” for BTC price action in early October as demand weathered external headwinds.
Bitcoin onchain analysis suggests a potential bottom for October price action, despite external headwinds. New data from CryptoQuant points to a "cautious optimism" in onchain conditions. Bitcoin continues to hold up against mixed macroeconomic and geopolitical challenges, including high US bond yields, rising oil prices, and cooling capital inflows to exchange-traded products.
CryptoQuant contributor XWIN Research Japan notes that signs of a potential bottom are emerging since the beginning of October. Bitcoin's exchange reserves have decreased by 1.7% since the start of the month, while whale holdings remain above 3 million BTC. Apparent demand, which compares newly mined BTC with changes in dormant supply, remains supportive.
XWIN believes that October's low may have already taken place and recommends that Uptober need not mean uninterrupted gains.
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